Financial report of Different Economic sectors

FINACIAL REPORT
OF DIFFERENT SECTORS
By – Prakash Kumar

There are different sectors in India which is as follows.
1. Agriculture and Allied Industrial
2. Automobiles
3. Aviation
4. Banking
5. Cement
6. Consumer Durables
7. Ecommerce
8. Education and Training
9. Textiles
10. FMCG
11. Gems and Jewellery
12. Healthcare
13. Infrastructure
14. Pharmaceutical
15. Insurance
16. Manufacturing
17. IT and ITES
18. Railways
19. Metals and Mining
20. Port
21. Roads
22. Power
23. Telecommunication
24. Tourisms and Hospitality
25. Services Sectors.
1. AGRICULTURE AND ALLIED INDUSTRIAL
INTRODUCTION
Agriculture plays a vital role in India’s economy. Over 58 per cent of the rural households depend
on agriculture as their principal means of livelihood. The share of primary sectors (including
agriculture, livestock, forestry and fishery) is estimated to be 20.4 per cent of the Gross Value Added
(GVA) during 2016-17 at current prices. GVA from the sector is estimated to have grown at 3 per
cent in FY18.
The Indian food industry is poised for huge growth, increasing its contribution to world food trade
every year due to its immense potential for value addition, particularly within the food processing
industry. The Indian food and grocery market is the world’s sixth largest, with retail contributing
70 per cent of the sales. The Indian food processing industry accounts for 32 per cent of the
country’s total food market, one of the largest industries in India and is ranked fifth in terms of
production, consumption, export and expected growth. It contributes around 8.80 and 8.39 per cent
of Gross Value Added (GVA) in Manufacturing and Agriculture respectively, 13 per cent of India’s
exports and six per cent of total industrial investment.
MARKET SIZE
During 2017-18 crop year, food grain production is expected to reach a record 277.49 million
tonnes. During 2016-17, it was 275.68 million tonnes.
India has been the world's largest producer of milk for the last two decades and contributes 19 per
cent of the world's total milk production.
India is emerging as the export hub of instant coffee which has led to exports of coffee increase 17
per cent in calendar year 2017 to reach US$ 958.80 million. Tea exports from India reached a 36
year high of 240.68 million kgs in CY 2017.

India topped the list of shrimp exporters globally in 2016 with exports of US$ 3.8 billion which
are expected to double to US$ 7 billion by 2022.
Total area in India, sown with rabi crops reached 64.29 million hectares in February 2018.
India is the second largest fruit producer in the world. India's horticulture output reached 300.64
million tonnes in 2016-17 and is expected to reach 305.43 million tonnes in 2017-18.
Agricultural export constitutes 10 per cent of the country’s exports and is the fourth-largest
exported principal commodity. Agricultural exports from India reached US$ 28.09 billion during
April 2017-January 2018 with exports of basmati, buffalo meat reaching US$ 6.19 billion and
US$ 6.59 billion, respectively.
India is the largest producer, consumer and exporter of spices and spice products. Spice exports
from India grew by 6 per cent year-on-year between April-September 2017 to US$ 1.37 billion.
Dairy sector in India is expected to grow at 15 per cent CAGR to reach Rs 9.4 trillion (US$ 145.7)
billion by 2020.
The online food delivery industry grew at 150 per cent year-on-year with an estimated Gross
Merchandise Value (GMV) of US$ 300 million in 2016. The sector grew 15 per cent every
quarter during January to September 2017.
GOVERNMENT INITIATIVES
There are following initiative taken by Government in this sectors as follows.
 In March 2018, the Government of India extended the urea subsidy to the farmers till 2020
with the aim of ensuring supply of urea at statutory controlled prices. Urea subsidy for
2018-19 is estimated at Rs 45,000 crore (US$ 6.95 billion).
 As of March 2018, the Government is working on a plan to provide air cargo support to
promote agriculture exports from India.
 The implementation of Pradhan Mantri Fasal Bima Yojana (PMFBY) will be made faster
and the government is aiming to increase the coverage under the scheme to 50 per cent of
gross cropped area in 2018-19.
 The Government of India is going to provide Rs 2,000 crore (US$ 306.29 million) for
computerisation of Primary Agricultural Credit Society (PACS) to ensure cooperatives are
benefitted through digital technology.
 Around 100 million Soil Health Cards (SHCs) have been distributed in the country during
2015-17 and a soil health mobile app has been launched to help Indian farmers.
 With an aim to boost innovation and entrepreneurship in agriculture, the Government of
India is introducing a new AGRI-UDAAN programme to mentor start-ups and to enable
them to connect with potential investors.
 The Government of India has launched the Pradhan Mantri Krishi Sinchai Yojana
(PMKSY) with an investment of Rs 50,000 crore (US$ 7.7 billion) aimed at development
of irrigation sources for providing a permanent solution from drought.
 The Government of India plans to triple the capacity of food processing sector in India
from the current 10 per cent of agriculture produce and has also committed Rs 6,000 crore
(US$ 936.38 billion) as investments for mega food parks in the country, as a part of the
Scheme for Agro-Marine Processing and Development of Agro-Processing Clusters
(SAMPADA).
 The Government of India has allowed 100 per cent FDI in marketing of food products and
in food product e-commerce under the automatic route.

 A new platform for selling agricultural produce named e-RaKam has been launched by the
Government of India and will operate as a joint initiative of Metal Scrap Trade
Corporation Limited and Central Railside Warehouse Company Limited (CRWC).
We can understand through the chart. Agriculturein India: Information About Indian Agriculture
& Its Importance (Latest data January 2018)
 India is among the 15 leading exporters
of agricultural products in the world.
 Total agricultural exports from India
grew at a CAGR of 16.45 per cent over
FY10-18 to reach US$ 38.21 billion in
FY18.
 The contribution of agriculture to total
export was 12.26 per cent in FY17.
 Tea exports from India reached a 36
year high of 240.68 million kgs in CY
2017
Note-CAGR- Compound Annual Growth Rate AY 2018, up to
January 2018, Principle Commodities CY
Source-Ministry of Commerce, World Trade Organisation.
 Gross Value Added by agriculture,
forestry and fishing is estimated at
Rs 17.67 trillion (US$ 274.23
billion) in FY18*.
 Agriculture and allied sector’s GVA
at constant 2011-12 prices grew a
CAGR of 2.75 per cent between
FY12-18.
 Agriculture is the primary source of
livelihood for about 58 per cent of
India’s population.
 As per Union Budget 2018-19,
allocation of Rs 57,600 crore (US$
8.9 billion) was made for The
Agriculture Ministry. (Note- GDP – Gross Domestic Product, MOSPI – Ministry
of Statistics and Programme Implementation, 1st revised
estimates, 2nd advance estimates)
Source- Ministry of Agriculture, Print Release, RBI, Aranca
Research, MOSPI, Central Statistics Office (CSO).

Agriculture company in India
Inspired by the noble cause of serving Indian agriculture, Crystal
Group is a 34-year-old company established by the visionary
industrialist Mr Nand Kishore Aggarwal. Crystal engages in the
technical manufacturing, formulation and marketing of
agrochemical products.
Established in 2002, Excel Crop Care Ltd has risen out of the
demerged portfolio of the agricultural products segment of Excel
Industries Ltd. Today it has realized its pride of being the ‘supplier
of choice’ by reaching out to millions of farmers in more than 50
countries.
PI Industries Ltd (PI) was incorporated in 1947 (as Mewar Oil &
General Mills Ltd.) with its registered office in Rajasthan. PI
Industries currently operates three formulation and two
manufacturing facilities as well as five multi product plants under
its three business units across India.
National Agro Industries based in Ludhiana, Punjab, has been in
the manufacturing business of seed-cum-fertiliser drills since
1970. The firm are pioneer manufacturer of Seed Drills in India.
Amul is an Indian dairy cooperative, based at Annand in the
state of Gujarat. Founded in 1946, the brand is today managed
by the Gujarat Co-operative Milk Marketing Federation Ltd
(GCMMF) which is jointly owned by about 3,000,000 milk
producers in the state.
ITC was incorporated in the year 1910 and originally called
Imperial Tobacco Company of India Ltd. Later, in 1970, it was
rechristened to Indian Tobacco Company Ltd and in 1974, to
ITC Ltd. ITC started its Agri-Business division in 1990, which
was set up to leverage its agri-sourcing competency and also to
support in export of agricultural commodity.
Mother Dairy was set up in 1974 under the Operation Flood
Programme. A wholly owned company of the National Dairy
Development Board (NDDB). Mother Dairy manufactures,
markets and sells milk and milk products under the Mother Dairy
brand (milk, cultured products, ice creams, paneer and ghee),
Dhara range of edible oils, Safal range of fresh fruit.
PepsiCo entered India in 1989 and in a short period grew into
one of the largest food and beverage businesses in the country.
PepsiCo today is a global food and beverage leader with net
revenues of more than US$ 65 billion and a product portfolio that
includes 22 brands that generate more than US$ 1 billion each in
annual retail sales.

AUTOMOBILE SECTORS
The Indian auto industry is one of the largest in the world. The industry accounts for 7.1 per cent
of the country's Gross Domestic Product (GDP). The Two Wheelers segment with 80 per cent
market share is the leader of the Indian Automobile market owing to a growing middle class and a
young population. Moreover, the growing interest of the companies in exploring the rural markets
further aided the growth of the sector. The overall Passenger Vehicle (PV) segment has 14 per
cent market share.

India is also a prominent auto exporter and has strong export growth expectations for the near
future. Overall automobile exports grew 15.81 per cent year-on-year between April-February
2017-18. In addition, several initiatives by the Government of India and the major automobile
players in the Indian market are expected to make India a leader in the 2W and Four Wheeler
(4W) market in the world by 2020.
MarketSize
Production of passenger vehicles, commercial vehicles, three wheelers and two wheelers grew at
14.41 per cent year-on-year between April-February 2017-18 to 26,402,671 vehicles.
The auto industry is set to witness major changes in the form of electric vehicles (EVs), shared
mobility, Bharat Stage-VI emission and safety norms. Electric cars in India are expected to get new
green number plates and may also get free parking for three years along with toll waivers@. India's
electric vehicle (EV) sales increased to 25,000 units during FY 2016-17 and are poised to rise further
on the back of cheaper energy storage costs and the Government of India’s vision to see six million
electric and hybrid vehicles in India by 2020.
We try to understand through the diagram are as follows.
 The automotive manufacturing industry comprises the
production of commercial vehicles, passenger cars,
three & two-wheelers.
 Two-wheelers are by far the most popular form of
vehicle in India, taking an 80 per cent share in 2015-
16. India became the largest two-wheeler market in the
world after selling 17.7 million two-wheelers in 2016.
 25.3 million automobiles produced in FY17.
 Total production volume grew at a CAGR of 4.43 per
cent during FY12-17.
 Automobile exports from India increased 15.81 per
cent year-on-year in April-February 2017-18. During
the same period, two and three-wheelers exports
increased 20.30 per cent and 37.02 per cent,
respectively
Automobile company in India
Hero MotoCorp Ltd is the world’s largest manufacturer of
motorcycles. The company is owned by the Munjal brothers and
was started in 1984 as a joint venture (JV) between Hero Cycles
Ltd and Honda Motor Company. It was then known as Hero
Honda Motors Ltd, but since 2010 following its separation with
the Honda Group, the company is known as Hero MotoCorp
Ltd.

Bajaj Auto is a part of the Bajaj Group, which was founded by Mr
Jamnalal Bajaj in 1926. The Group's footprint stretches over a
wide range of industries, spanning automobiles (two-wheelers and
three-wheelers), home appliances, lighting, iron and steel,
insurance, travel and finance.
TVS Motor Company is among the top ten two-wheeler
manufacturers in the world, with annual turnover of more than
US$ 1.6 billion in 2014-2015, and is the flagship company of the,
US$ 7.29 billion TVS Group. The company has a production
capacity of 3 million two- wheelers and 120,000 three-wheelers a
year.
The Enfield Cycle Company made motorcycles, bicycles,
lawnmowers and stationary engines under the name Royal Enfield
out of its works based at Redditch, Worcestershire. The sse of the
brand name Royal Enfield was licensed by the Crown in 1890.
Royal Enfield, the British brand under Indian ownership since
1949.
Established in 1945, Tata Motors Limited is India's largest
automobile company with over 60,000 employees. It is guided by
the mission "to be passionate in anticipating and providing the best
vehicles and experiences that excite customers globally.
Founded in 1945 as a steel trading company, Mahindra and
Mahindra (M&M) entered automotive manufacturing in 1947 to
bring the iconic Willys Jeep to Indian roads. Over the years, the
company diversified into many new businesses in order to better
meet the needs of the customers.
Ashok Leyland is the 2nd largest manufacturer of commercial
vehicles in India, the 4th largest manufacturer of buses in the
world and the 16th largest manufacturer of trucks globally.

Profit and Loss of Hero MotoCorpLtd
Particular Mar 17 Mar 16 Mar 15 Mar 14 Mar 14
12 MThs 12 MThs 12 MThs 12 MThs 12 MThs
INCOME
Revenue From Operations [Gross] 30,540.67 30,618.09 29,235.64 27,126.21 27,126.21
Less: Excise/Service Tax/Other Levies 2,371.13 2,258.18 1,717.64 1,880.35 1,880.35
Revenue From Operations [Net] 28,169.54 28,359.91 27,518.00 25,245.86 25,245.86
Other Operating Revenues 305.45 239.39 67.30 29.61 29.61
Total Operating Revenues 28,474.99 28,599.30 27,585.30 25,275.47 25,275.47
Other Income 522.43 391.12 492.74 446.38 446.38
Total Revenue 28,997.42 28,990.42 28,078.04 25,721.85 25,721.85
EXPENSES
Cost Of Materials Consumed 18,948.64 19,321.72 19,783.88 18,221.53 18,221.53
Changes In Inventories Of FG,WIP
And Stock-In Trade 63.17 -6.82 -29.97 8.36 8.36
Employee Benefit Expenses 1,396.01 1,319.56 1,172.87 930.04 930.04
Finance Costs 6.05 2.15 11.09 11.82 11.82
Depreciation And Amortization
Expenses
492.73 441.40 539.97 1,107.37 1,107.37
Other Expenses 3,432.36 3,517.83 3,116.34 2,575.48 2,575.48
Total Expenses 24,338.96 24,595.84 24,594.18 22,854.60 22,854.60
Mar 17 Mar 16 Mar 15 Mar 14 Mar 14
12 MThs 12 MThs 12 MThs 12 MThs 12 MThs
Profit/Loss Before
Exceptional, Extra Ordinary
Items And Tax
4,658.46 4,394.58 3,483.86 2,867.25 2,867.25
Exceptional Items 0.00 0.00 -155.04 0.00 0.00
Profit/Loss Before Tax 4,658.46 4,394.58 3,328.82 2,867.25 2,867.25
Tax Expenses-Continued Operations
Current Tax 1,082.08 960.88 898.91 828.21 828.21
Less: MAT Credit Entitlement 0.00 0.00 0.00 -168.35 -168.35
Deferred Tax 199.26 301.33 44.27 -238.39 -238.39
Total Tax Expenses 1,281.34 1,262.21 943.18 758.17 758.17
Profit/Loss After Tax And Before
3,377.12 3,132.37 2,385.64 2,109.08 2,109.08
Profit/Loss From
Continuing Operations
3,377.12 3,132.37 2,385.64 2,109.08 2,109.08
Profit/Loss For The Period 3,377.12 3,132.37 2,385.64 2,109.08 2,109.08

Balance sheetof Hero Monocrop
(As on ------------------)
Mar 17
12 mths
Mar 16
12 mths
Mar 15
12 mths
Mar 14
12 mths
Mar 14
12 mths
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 39.94 39.94 39.94 39.94 39.94
Total Share Capital 39.94 39.94 39.94 39.94 39.94
Reserves and Surplus 10,071.35 7,904.81 6,501.39 5,559.93 5,559.93
Total Reserves and Surplus 10,071.35 7,904.81 6,501.39 5,559.93 5,559.93
Total Shareholders’ Funds 10,111.29 7,944.75 6,541.33 5,599.87 5,599.87
NON-CURRENT LIABILITIES
Deferred Tax Liabilities [Net] 414.34 227.79 0.00 0.00 0.00
Other Long Term Liabilities 0.00 34.89 31.33 24.45 24.45
Long Term Provisions 75.30 84.44 65.62 49.98 49.98
Total Non-Current Liabilities 489.64 347.12 96.95 74.43 74.43
CURRENT LIABILITIES
Trade Payables 3,247.27 2,766.88 2,841.87 2,290.59 2,290.59
Other Current Liabilities 807.05 483.19 307.49 588.08 588.08
Short Term Provisions 39.01 798.75 734.06 1,544.33 1,544.33
Total Current Liabilities 4,093.33 4,048.82 3,883.42 4,423.00 4,423.00
Total Capital And Liabilities 14,694.26 12,340.69 10,521.70 10,097.30 10,097.30
ASSETS
NON-CURRENT ASSETS
Tangible Assets 4,310.73 3,717.85 2,818.29 1,897.27 1,897.27
Intangible Assets 84.86 118.89 94.40 345.98 345.98
Capital Work-In-Progress 270.72 288.34 712.55 854.11 854.11
Intangible Assets UnderDevelopment 194.33 317.06 0.00 0.00 0.00
Fixed Assets 4,860.64 4,442.14 3,625.24 3,097.36 3,097.36
Non-Current Investments 1,349.00 1,019.36 863.78 812.88 812.88
Deferred Tax Assets [Net] 0.00 0.00 73.54 105.98 105.98
Long Term Loans And Advances 23.13 870.42 616.82 477.39 477.39
Other Non-Current Assets 1,008.31 73.68 60.19 47.81 47.81
Total Non-Current Assets 7,241.08 6,405.60 5,239.57 4,541.42 4,541.42
CURRENT ASSETS
Current Investments 4,540.85 3,247.01 2,290.33 3,275.89 3,275.89
Inventories 656.31 672.98 815.49 669.55 669.55
Trade Receivables 1,561.87 1,282.80 1,389.59 920.58 920.58
Cash And Cash Equivalents 15.40 131.36 159.25 117.50 117.50
Short Term Loans And Advances 143.06 521.46 567.66 550.31 550.31
Other Current Assets 535.69 79.48 59.81 22.05 22.05
Total Current Assets 7,453.18 5,935.09 5,282.13 5,555.88 5,555.88
Total Assets 14,694.26 12,340.69 10,521.70 10,097.30 10,097.30

OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
ContingentLiabilities 480.68 650.44
CIF VALUE OF IMPORTS
Raw Materials 0.00 0.62
Stores,Spares and Loose Tools 0.00 894.50
Capital Goods 0.00 162.04
EXPENDITURE IN FOREIGN EXCHANGE
Expenditure in Foreign Currency 0.00 272.30
REMITTANCES IN FOREIGN
CURRENCIES FOR DIVIDENDS
816.42
16.92
1,182.28
145.98
403.57
487.63
24.45
1,068.88
226.67
350.77
487.63
24.45
1,068.88
226.67
350.77
Dividend Remittance In Foreign Currency - - - - -
EARNINGS IN FOREIGN EXCHANGE
FOB Value Of Goods - 776.74 720.18 465.54 465.54
Other Earnings - 1.42 1.49 4.55 4.55
Bonus Equity Share Capital 23.96
NON-CURRENT INVESTMENTS
23.96 23.96 23.96 23.96
Non-Current Investments Quoted Market
288.11 486.06 615.34 653.22 653.22
Non-CurrentInvestments Unquoted Book
1,229.43 748.73 329.94 229.59 229.59
Current Investments Quoted Market
123.08 303.23 346.01 986.31 986.31
CurrentInvestments Unquoted Book
4,419.80 2,987.22 1,984.33 2,351.11 2,351.11

Cash flow Statement of Hero Monocrop Ltd
Particulars 2017 Mar 2016 Mar 2015 Mar 2014 Mar
Net Profit/Loss Before Extraordinary
Items and Tax
Net Cash Flow from Operating Activities
Net Cash Used in Investing Activities Net
Cash Used from Financing Activities
Adjustments on Amalgamation / Merger /
Demerger / Others
Net Inc./Dec in Cash and Cash
Equivalents
Cash and Cash Equivalents Begin of
Year
Cash and Cash Equivalents End of Year
3,377.12
4,028.02
-1,943.94
-2,095.63
0.00
-11.55
26.95
15.40
4,394.58
3,913.79
-2,271.34
-1683.95
0.00
-41.50
97.97
56.47
3,328.82
2,250.00
12.08
-2,230.52
0.00
31.56
66.41
97.97
2,867.25
2,963.41
-1,619.32
--1,414.93
2.30
-68.54
134.95
66.41
Financial Report of TVS Motor Company
Profit and Loss Account of TVS Motor
(For the year ending------------)
Particular Mar 17 Mar 16 Mar 15 Mar 14 Mar 13
12 mths 12 mths 12 mths 12 mths 12 mths
INCOME
Revenue From Operations [Gross] 13,063.82 11,953.30 10,632.21 8,544.69 7,633.28
Less:Excise/Service Tax/Other Levies 1,054.75 986.26 715.64 690.24 667.88
Revenue From Operations [Net] 12,009.07 10,967.04 9,916.57 7,854.45 6,965.40
Other Operating Revenues 126.24 137.62 181.65 107.40 99.60
Total Operating Revenues 12,135.31 11,104.66 10,098.22 7,961.85 7,065.00
Other Income 173.37 103.85 32.61 30.21 23.84
Total Revenue 12,308.68 11,208.51 10,130.83 7,992.06 7,088.84
EXPENSES
CostOf Materials Consumed 8,620.88 7,657.23 7,162.32 5,418.82 4,912.32
Purchase Of Stock-In Trade 291.22 251.41 226.88 244.35 151.49
Changes In Inventories Of FG,WIP And
Stock-In Trade
-58.73 70.53 -92.07 9.65 32.70
Employee BenefitExpenses 745.64 652.39 585.42 476.11 407.13
Finance Costs 43.95 48.73 27.42 25.40 48.04
Depreciation And Amortization Expenses 287.81 236.05 153.33 131.65 130.41
Other Expenses 1,679.23 1,663.23 1,611.37 1,334.82 1,152.33
Total Expenses 11,610.00 10,579.57 9,674.67 7,640.80 6,834.42

Profit/Loss Before Exceptional,
Extra Ordinary Items And Tax
698.68 628.94 456.16 351.26 254.42
Exceptional Items 0.00 0.00 0.00 -2.81 -91.63
Profit/Loss Before Tax 698.68 628.94 456.16 348.45 162.79
Tax Expenses-Continued Operations
CurrentTax 159.78 122.11 96.63 83.30 52.00
Less:MAT CreditEntitlement 0.00 0.00 23.66 4.73 0.00
Deferred Tax -19.18 17.55 28.07 31.57 -4.44
Tax For Earlier Years 0.00 0.00 7.29 -19.23 0.00
Total Tax Expenses 140.60 139.66 108.33 90.91 47.56
Profit/Loss After Tax And Before Extra-
Ordinary Items
558.08 489.28 347.83 257.54 115.23
Extraordinary Items 0.00 0.00 0.00 4.09 0.79
Profit/Loss From Continuing
Operations
558.08 489.28 347.83 261.63 116.02
Profit/Loss For The Period 558.08 489.28 347.83 261.63 116.02

Balance Sheet of TVS Motor Company
(As on------------------)
Particular
EQUITIES AND
LIABILITIES
SHAREHOLDER'S FUNDS
TotalShare Capital 47.51 47.51 47.51 47.51 47.51
Reserves and Surplus 2,360.82 1,910.83 1,597.85 1,367.77 1,177.16
TotalReserves and Surplus 2,360.82 1,910.83 1,597.85 1,367.77 1,177.16
TotalShareholders’ Funds 2,408.33 1,958.34 1,645.36 1,415.28 1,224.67
NON-CURRENT LIABILITIES
Long Term Borrowings 468.76 494.23 518.98 442.41 494.14
Deferred TaxLiabilities [Net] 125.70 143.74 152.75 124.68 93.12
Long Term Provisions 50.80 39.99 43.73 53.17 53.17
TotalNon-Current Liabilities 645.26 677.96 715.46 620.26 640.43
CURRENT LIABILITIES
Short Term Borrowings 616.38 264.23 399.76 33.47 51.72
Trade Payables 1,859.36 1,543.71 1,263.82 998.91 822.80
Other Current Liabilities 312.47 449.47 474.77 428.82 326.23
Short Term Provisions 62.87 58.47 105.03 67.96 53.42
TotalCurrent Liabilities 2,851.08 2,315.88 2,243.38 1,529.16 1,254.17
TotalCapital and Liabilities 5,904.67 4,952.18 4,604.20 3,564.70 3,119.27
ASSETS
NON-CURRENT ASSETS
Tangible Assets 1,930.64 1,672.67 1,294.93 1,105.94 1,006.85
Intangible Assets 53.23 46.92 34.70 19.77 4.63
Capital Work-In-Progress 62.28 30.96 89.36 48.08 36.09
Fixed Assets 2,046.15 1,750.55 1,418.99 1,173.79 1,047.57
Non-Current Investments 1,587.90 1,214.86 1,012.46 895.92 868.84
Long Term Loans and Advances 0.12 55.30 143.73 86.27 73.35
Other Non-Current Assets 83.61 45.10 0.00 0.00 0.00
TotalNon-Current Assets 3,717.78 3,065.81 2,575.18 2,155.98 1,989.76
CURRENT ASSETS
Inventories 966.95 696.33 819.68 548.15 509.66
Trade Receivables 723.77 578.03 503.86 334.12 300.52
Cash and Cash Equivalents 8.51 32.74 5.39 82.57 17.45

Short Term Loans and Advances 0.00 0.00 632.78 364.31 178.44
Other Current Assets 487.66 579.27 67.31 79.57 123.44
TotalCurrent Assets 2,186.89 1,886.37 2,029.02 1,408.72 1,129.51
TotalAssets 5,904.67 4,952.18 4,604.20 3,564.70 3,119.27
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES,
COMMITMENTS
Contingent Liabilities 622.69 332.17 750.59 607.29 395.07

Cash Flow Statement of TVS Motor Company
Particular 2017 Mar 2016 Mar 2015 Mar 2014 mar
Net Profit/ Loss Before Extraordinary
item and Tax
Net Cash Flow from Operating
Activities.
Net Cash Used in Investing Activities.
Net Cash used from Financing
Activities
Net Inc/ Dec in Cash and Cash
Equivalent
Cash and Cash Equivalent Begin of
year
Cash and Cash Equivalent End of the
year
698.68
723.93
-748.12
-72.70
-96.89
-131.95
-228.84
628.94
941.09
-608.16
-306.05
26.88
-158.83
-131.95
456.16
84.84
-493.27
330.82
-77.61
80.46
2.85
348.45
523.79
-259.84
-198.38
65.57
14.89
80.46

Banking Sectors
As per the Reserve Bank of India (RBI), India’s banking sector is sufficiently capitalised
and well-regulated. The financial and economic conditions in the country are far superior to
any other country in the world. Credit, market and liquidity risk studies suggest that Indian
banks are generally resilient and have withstood the global downturn well.
Indian banking industry has recently witnessed the roll out of innovative banking models
like payments and small finance banks. RBI’s new measures may go a long way in helping
the restructuring of the domestic banking industry.
The digital payments system in India has evolved the most among 25 countries with India’s
Immediate Payment Service (IMPS) being the only system at level 5 in the Faster Payments
Innovation Index (FPII).
Market Size
The Indian banking system consists of 27 public sector banks, 22 private sector banks, 44
foreign banks, 56 regional rural banks, 1,589 urban cooperative banks and 93,550 rural
cooperative banks, in addition to cooperative credit institutions. Bank credit grew at 12.64
per cent year-on-year to Rs 85.511 lakh crore (US$ 1,326.78 billion) on May 11, 2018 from
Rs 75.91 lakh crore (US$ 1,131.47) on May 12, 2017.
Government Initiatives
 A new portal named 'Udyami Mitra' has been launched by the Small Industries
Development Bank of India (SIDBI) with the aim of improving credit availability to
Micro, Small and Medium Enterprises' (MSMEs) in the country.
 Mr Arun Jaitley, Minister of Finance, Government of India, introduced 'The Banking
Regulation (Amendment) Bill,2017', which will replace the Banking Regulation
(Amendment) Ordinance, 2017, to allow the Reserve Bank of India (RBI) to guide
banks for resolving the problems of stressed assets.
 Under the Union Budget 2018-19, the government has allocated Rs 3 trillion (US$
46.34 billion) towards the Mudra Scheme and Rs 3,794 crore (US$ 586.04 million)
towards credit support, capital and interest subsidy to MSMEs.
 In March 2018, the Government of India launched Pradhan Mantri Vaya Vandana
Yojana (PMVVY) to provide elderly people Rs 10,000 (US$ 155.16) pension per
month. This scheme has an investment limit of Rs 15 lakh (US$ 23,273.86).
 In May 2018, the Government of India provided Rs 6 trillion (US$ 93.1 billion) loans
to 120 million beneficiaries under Mudra scheme.
 As on January 4, 2018, the Lok Sabha has approved recapitalisation bonds worth Rs
80,000 crore (US$ 12.62 billion) for public sector banks, which will be accompanied
by a series of reforms.

 Credit off-take has been surging ahead over the
past decade, aided by strong economic growth,
rising disposable incomes, increasing
consumerism & easier access to credit
 As of Q3 FY18, total credit extended surged to
US$ 1,288.1 billion.
 Credit to non-food industries increased by 9.53
per cent reaching US$ 1,120.42 billion in
January 2018 from US$ 1,022.98 billion during
the previous financial year.
 Demand has grown for both corporate & retail
loans; particularly the services, real estate,
consumer durables & agriculture allied sectors
have led the growth in credit.
 The digital payments revolution will trigger
massive changes in the way credit is disbursed
in India.
List of Nationalised Bank in India
Bank of India was founded on September 7, 1906 by a group of eminent
businessmen from Mumbai. The bank was under private ownership and control till
July 1969 when it was nationalised along with 13 other banks. The bank has made
a rapid growth over the years and has become one of the largest public sector banks.
Vijaya Bank has grown from being a bank focussed in Karnataka to becoming an
all-India bank with the merger of nine smaller banks in the decade of 1960. The
bank has built a network of 1,701 branches, 49 extension counters and 1,458 ATMs,
that span all 28 states and four union territories in the country.
Canara Bank was founded in 1906 by Mr Ammembal Subba Rao Pai at Mangalore
in Karnataka. The bank has gone through various phases of growth trajectory in
over hundred years of its existence. The growth of the bank has been phenomenal,
especially after nationalisation in 1969 and attaining the status of a national level
player in terms of geographical reach and clientele segments.
Bank of Baroda was founded by Maharaja Sayajirao Gaekwad on July 20, 1908. It
was set up under the Companies Act of 1897. At present, Bank of Baroda is one
of the largest banks in India as well as part of NIFTY Index of the National Stock
Exchange. As of March 31, 2015, the bank had total asset size of Rs 714,988.55
crore (US$ 114.23 billion), which places it amongst the top five banks in terms of
asset size in the country.

PNB was founded on May 19, 1894. The founding board was drawn from
different parts of India professing different faiths and having varied backgrounds,
but with the common objective of providing India with a truly national bank
which would further the economic interests of the country.
Established in 1955, State Bank of India (SBI) is the largest public sector bank in
India. The bank is capitalised to the extent of US$ 129.3 million with a
government holding of 62.31 per cent as on May 2013. The bank’s main divisions
include treasury, retail banking, corporate/wholesale banking and other banking
businesses.
Indian Overseas Bank (IOB) was founded on February 10, 1937, by Mr M Ct M
Chidambaram Chettyar, a pioneer in many fields - Banking, Insurance and Industry
with the twin objectives of specialising in foreign exchange business and overseas
banking.
Karnataka Bank is a major banking institution based in the coastal city of
Mangalore in Karnataka. The Reserve Bank of India (RBI) has designated
Karnataka Bank as an A1+ class scheduled commercial bank. The bank now has a
national presence with a network of 688 branches and above 1,000 ATMs across
21 states and two Union territories.
ICICI Bank is India's largest private sector bank with total assets of Rs 5,367.95
billion (US$ 89.24 billion) for the year ended March 31, 2013. The bank has a
network of 3,753 branches and 11,292 ATMs in India, and has a presence in 18
other countries.
Axis Bank is the third largest private sector bank in India. It offers the entire
spectrum of financial services to customer segments, covering large and mid-
corporates, MSME, agriculture and retail businesses.

We are taking only two Financial report of Punjab National Bank and State Bank of India.
Profit and Loss Account of State Bank of India
(For the several years ---------------------------)
Particulars
Mar '18 Mar '17 Mar '16 Mar '15 Mar '14
Income
Interest Earned 220,499.32 175,518.24 163,685.31 152,397.07 136,350.80
Other Income 44,600.69 35,460.93 28,158.36 22,575.89 18,552.92
Total Income 265,100.01 210,979.17 191,843.67 174,972.96 154,903.72
Expenditure
Interest expended 145,645.60 113,658.50 106,803.49 97,381.82 87,068.63
Employee Cost 33,178.68 26,489.28 25,113.82 23,537.07 22,504.28
Selling, Admin & Misc. Expenses 89,903.72 58,053.98 48,275.39 20,706.42 17,058.19
Depreciation 2,919.47 2,293.31 1,700.30 1,116.49 1,333.94
Operating Expenses 59,943.46 46,472.78 41,782.36 38,677.64 35,725.85
Provisions & Contingencies 66,058.41 40,363.79 33,307.15 6,682.34 5,170.56
Total Expenses 271,647.47
Mar '18
200,495.07
Mar '17
181,893.00
Mar '16
142,741.80
Mar '15
127,965.04
Mar '14
Net Profit for the Year -6,547.45 10,484.10 9,950.65 32,231.16 26,938.68
Profit brought forward -6,407.37 0.32 0.32 0.32 0.34
Total -12,954.82 10,484.42 9,950.97 32,231.48 26,939.02
Equity Dividend 0.00 2,108.56 2,018.32 2,557.28 2,239.71
Corporate Dividend Tax 0.00 306.38 334.51 520.65 298.45
Per share data (annualized)
Earnings Per Share (Rs) -7.34 13.15 12.82 43.17 360.83
Equity Dividend (%) 0.00 260.00 260.00 350.00 300.00
Book Value (Rs) 217.69 196.53 185.85 172.04 1,584.34
Appropriations
Transfer to Statutory Reserves 2,123.74 8,069.16 7,597.83 10,023.64 8,353.03
Proposed Dividend/Transfer to Govt 0.00 2,414.94 2,352.83 3,077.93 2,538.16
Balance c/f to Balance Sheet -15,078.57 0.32 0.32 0.32 0.32
Total -12,954.83 10,484.42 9,950.98 13,101.89 10,891.51

Balance Sheet of State Bank of India
(As on ------------)
.
Particular Mar '18 Mar '17 Mar '16 Mar '15 Mar '14
Capital and Liabilities:
Total Share Capital 892.46 797.35 776.28 746.57 746.57
Reserves 193,388.12 155,903.06 143,498.16 127,691.65 117,535.68
Net Worth 194,280.58 156,700.41 144,274.44 128,438.22 118,282.25
Deposits 2,706,343.29 2,044,751.39 1,730,722.44 1,576,793.24 1,394,408.51
Borrowings 362,142.07 317,693.66 224,190.59 205,150.29 183,130.88
Total Debt 3,068,485.36 2,362,445.05 1,954,913.03 1,781,943.53 1,577,539.39
Other Liabilities & Provisions 167,138.08 155,235.19 159,875.57 137,698.05 96,412.96
Total Liabilities 3,429,904.02 2,674,380.65 2,259,063.04 2,048,079.80 1,792,234.60
Assets
Cash & Balances with RBI 150,397.18 127,997.62 129,629.33 115,883.84 84,955.66
Balance with Banks, Money at
Call 41,501.46 43,974.03 37,838.33 58,977.46 47,593.97
Advances 1,934,880.19 1,571,078.38 1,463,700.42 1,300,026.39 1,209,828.72
Investments 1,060,986.72 765,989.63 477,097.28 495,027.40 398,308.19
Gross Block 39,200.71 42,344.99 9,819.16 9,329.16 8,002.16
Revaluation Reserves 24,847.99 31,585.65 0.00 0.00 0.00
Net Block 14,352.72 10,759.34 9,819.16 9,329.16 8,002.16
Capital Work In Progress 791.54 573.93 570.12 0.00 0.00
Other Assets 226,994.20 154,007.72 140,408.41 68,835.55 43,545.90
Total Assets 3,429,904.01 2,674,380.65 2,259,063.05 2,048,079.80 1,792,234.60

Cash Flow Statementof State Bank of India
Particular 2018 Mar 2017 Mar 2016 Mar 2015 Mar
Net profit Before Tax
Net Cash from Operating Activities
Net cash used in from investing
Activities
Net cash used in Financing
Activities
Net (Decrease / Increase) in Cash
and Cash Equivalents
Opening Cash and Cash Equivalents
Closing Cash and Cash Equivalents.
-15528.24
-85425.25
879.08
4290.92
19926.99
171971.65
191898.64
14850.16
11060.32
-3148.45
-1780.27
4503.99
167467.66
171971.65
13774.06
11196.55
-3748.37
4505.88
12711.87
154755.78
167467.66
19313.96
47566.43
-3258.10
-2289.12
42311.67
132549.63
174861.30

Profit and Loss of Punjab National Bank
(for the year ending--------------------)
Income
Interest Earned 47,424.35 46,315.36 43,223.25 41,893.3347,275.99
Other Income 8,951.37 6,877.02 5,890.73 4,576.71 4,215.92
Total Income 56,227.36 54,301.37 52,206.09 47,799.96 46,109.25
Expenditure
Interest expended 32,112.57 29,759.79 27,077.28 27,036.8232,282.82
Employee Cost 5,420.72 6,425.95 7,336.91 6,510.45 5,674.72
Selling, Admin & Misc. Expenses 16,773.99 19,341.52 11,677.58 10,517.26 8,331.53
Depreciation 425.04 395.73 370.23 352.39 318.50
Operating Expenses 9,379.39 9,972.46 10,491.55 9,338.21 8,165.05
Provisions & Contingencies 13,240.36 16,190.74 8,893.17 8,041.89 6,159.70
Total Expenses 54,902.57 58,275.77 49,144.51 44,457.38 41,361.57
Net Profit for the Year 1,324.80 -3,974.40 3,061.58 3,342.58 4,747.67
Total 1,324.80 -3,974.40 3,061.58 3,342.58 4,747.67
Equity Dividend 0.00 0.00 627.98 362.07 954.38
Per share data (annualised)
Earnings Per Share (Rs) -20.24 16.51 92.32 134.316.23
Equity Dividend (%) 0.00 0.00 165.00 100.00 270.00
Book Value (Rs) 179.03 180.61 203.24 952.50 884.03
Appropriations
Transfer to Statutory Reserves -3,974.40 2,326.88 2,921.85 3,631.101,324.80
Transfer to Other Reserves 0.00 0.00 0.00 0.00 -0.01
Proposed Dividend/Transfer to Govt 0.00 0.00 734.70 420.73 1,116.58
Total 1,324.80 -3,974.40 3,061.58 3,342.58 4,747.67

Balance Sheet of Punjab National Bank
(As on-----------------------)
Particular Mar '17 Mar '15 Mar '14 Mar '13
12 mths 12 mths 12 mths 12 mths
Capital and Liabilities:
Total Share Capital 370.91 362.07 353.47425.59
Equity Share Capital 425.59 370.91 362.07 353.47
Reserves 37,670.86 37,321.06 34,125.07 30,894.58
Net Worth 38,096.45 37,691.97 34,487.14 31,248.05
Deposits 621,704.02 501,378.64 451,396.75 391,560.06
Borrowings 40,763.34 45,670.55 48,034.41 39,620.92
Total Debt 662,467.36 547,049.19 499,431.16 431,180.98
Other Liabilities & Provisions 16,016.21 17,204.89 15,093.44 15,019.15
Total Liabilities 716,580.02 601,946.05 549,011.74 477,448.18
Mar '17 Mar '15 Mar '14 Mar '13
12 mths 12 mths 12 mths 12 mths
Assets
Cash & Balances with RBI
24,224.94 22,245.58
25,210.00
Balance with Banks,Money at Call 63,121.65 31,709.23 22,972.87 9,249.13
Advances 419,493.15 380,534.40 349,269.13 308,725.21
Investments 186,725.44 151,282.36 143,785.50 129,896.19
Gross Block 6,273.25 3,551.48 3,419.74 3,357.68
Revaluation Reserves 3,750.53 1,387.55 1,408.18 1,428.85
Net Block 2,522.72 2,163.93 2,011.56 1,928.83
Other Assets 19,507.06 12,031.19 8,727.10 9,762.58
Total Assets 716,580.02 601,946.05 549,011.74 477,448.19

Cash Flow Statement of Punjab National Ban
Punjab National Bank
Cash Flow
Net Profit Before Tax
Net Cash (used in)/from
Investing Activities
Net Cash (used in)/from Financing
Activities
Net (decrease)/increase inCash
Opening Cash & Cash Equivalents
Closing Cash & Cash Equivalents
1324.80 -3974.40 3061.58 3342.57 4747.67
12497.05 17615.37 5618.67 17729.12 -1886.71
-527.18 -782.74 -848.67 -634.40 -650.85
738.69 856.29 5945.72 988.35 844.91
12708.56 17688.92 10715.73 18083.06 -1692.65
75623.09 55934.17 45218.45 27135.38 28828.03
88331.65 73623.09 55934.17 45218.45 27135.38

Aviation Sectors
The civil aviation industry in India has emerged as one of the fastest growing industries in the country during the
last three years. India is currently considered the third largest domestic civil aviation market in the world. India is
expected to become the world’s largest domestic civil aviation market in the next 10 to 15 years, as per Mr Jayant
Sinha, Union Minister of State for Civil Aviation, Government of India.
According to International Air Transport Association IATA, India will displace the UK for the third place in 2025.
The Civil Aviation industry has ushered in a new era of expansion, driven by factors such as low-cost carriers
(LCCs), modern airports, Foreign Direct Investment (FDI) in domestic airlines, advanced information technology
(IT) interventions and growing emphasis on regional connectivity.
MarketSize
Air traffic in India rose 15.80 per cent year-on-year to 280.24 million during April-February 2017-18. Witnessing
a growth of 18.50 per cent over the previous year, total passenger traffic stood at a 264.97 million in FY17. India’s
passenger traffic grew 15.80 per cent y-o-y to 280.24 million during April-February 2017-18.
As of March 2018, there are nearly 550 commercial aircraft in operation in India.
Government Initiatives
Some major initiatives undertaken by the government are:
 Allocation to Civil Aviation Ministry has been tripled to Rs 6,602.86 crore (US$ 1,019.9 million) under
Union Budget 2018-19.
 In February 2018, the Prime Minister of India launched the construction of Navy Mumbai airport which is
expected to be built at a cost of US$ 2.58 billion. The first phase of the airport will be completed by end
of 2019.
 Under the second round of Regional Connectivity Scheme (RCS 2) the government has awarded 325 routes
to airlines as well as helicopter operators with the objective of enhancing flight services to hilly and remote
areas. Under the scheme airline operators have to offer half of their seats at discounted rates and helicopter
operators can offer up to 13 seats at lower fares with the government providing Viability Gap Funding
(VGF) or subsidy to airlines and helicopter operators.
 Constructing 17 highways-cum-airstrips are the government's priorities and it will start work on them this
year, Union Minister Nitin Gadkari has said. The projects are designed in such a fashion that the roads will
double up as airstrips and traffic will be stopped when an airplane lands or takes off. The road and air
connectivity will also provide better access to remote areas.
 Airport building and modernization projects worth over Rs 19,300 crore (US$ 2.99 billion) have been
recommended green clearance, in line with the Government of India’s focus on improvement in regional
air connectivity.

 Total freight traffic registered a CAGR of 7.08 per
cent over FY06-17
 During FY06-17, domestic freight traffic increased at
a CAGR of 7.95 per cent, while international freight
traffic grew at a CAGR of 6.58 per cent during the
same period.
 In FY17, domestic freight traffic stood at 1,123.18
million tonnes, while international freight traffic was
at 1,855.06 million tonnes.
 During FY17, domestic freight traffic increased at
7.39 per cent while international freight traffic
increased at 11.86 per cent in comparison with FY16.
 By 2023, total freight traffic is expected to touch 4.14
million tonnes exhibiting growth at a CAGR of 7.27
per cent between FY2016 and FY23. In addition,
international freight traffic is expected to grow at a
CAGR of 7.13 per cent while domestic freight traffic
is expected to grow at a CAGR 7.50 per cent between
FY2016 and FY23.
Aviation Companies & Airports in India
Air India is the flagship carrier airline of India and is owned by Air India Ltd.
It began its operations in 1932. Presently, it is the third largest airline in India
in terms of domestic market share. It mainly operates a fleet of Airbuses and
Boeing aircrafts serving various domestic and international airports.
Indigo Indigo has begun its operations in 2006 and has a fleet of 61 A320s
today. It is India's largest airline with total market share of 24.9 per cent as of
May 2012. It is the fastest growing low cost carrier in the world provides
hassle-free travel experience.
SpiceJet is India’s second largest low fare airline and with more than 20.4 per
cent market share. It operates 330 flights daily to 41 Indian cities and 7
international destinations (figures as on April, 2013).
Jet Airways is a major Indian airline based in Mumbai. It is the second largest
airline in India, both in terms of market share and passengers carried. It operates
over 3,000 flights daily to 76 destinations worldwide. Its main hub is Mumbai,
with secondary hubs at Delhi, Kolkata, Chennai and Bengaluru.

The Wadia Group owns Go Airlines (India) Ltd which operates its services under
the brand name GoAir. GoAir launched its operations in November 2005. It is a
low-fare carrier launched with the objective of commoditising air travel, and
offering airline seats at marginal premium to train fares across India.
Hyderabad International Airport Limited (HIAL) is a joint venture (JV) company
promoted by the GMR Group in partnership with the Government of India,
Government of Telangana and Malaysia Airports Holdings Berhad.
Blue Dart Aviation Ltd is a public limited company incorporated under the Indian
Companies Act, 1956 having its registered office at Mumbai and head office at
Chennai, operates B737-200 and B757-200 freighters.
Vistara is an Indian airline based in New Delhi with a hub at the Indira Gandhi
International Airport. The carrier commenced operations on January 9, 2015
and operates 14 daily flights with 3 Airbus A320 aircraft. The Full service
carrier was announced in 2013 and was established as a joint venture between
Tata Sons and Singapore Airlines.
Chhatrapati Sivaji International Airport (CSIA) (IATA: BOM, ICAO: VABB),
formerly Sahar International Airport, is the primary international airport in
Mumbai, India, and is named after the 17th century Maratha emperor,
Chhatrapati Sivaji. The Airport's IATA code – BOM, is derived from Bombay,
Mumbai's former name.
Netaji Subhas Chandra Bose International (NSCBI) Airport is an international
airport located in Kolkata, West Bengal, India. It is located approximately 17 km
from the city centre. NSCBI Airport is one of the oldest airports of the country.
It is an IS/ISO 9001: 2000 certified airport

We are taking only two Financial Report of Jet Airways or Indigo India PVT LTD.
Profit and Loss Account of Jet Airways PVT LTD
(For the year ending-------------------------)
Income
Sales Turnover 21,167.33 19,573.43 17,301.89 16,852.5921,552.35
Net Sales 21,552.35 21,167.33 19,573.43 17,301.89 16,852.59
Other Income 966.29 822.47 -51.20 -310.41 657.12
Total Income 22,518.64 21,989.80 19,522.23 16,991.48 17,509.71
Expenditure
Raw Materials 188.58 139.90 121.57 122.33132.91
Power & Fuel Cost 5,473.78 5,015.73 6,686.26 7,175.42 6,992.00
Employee Cost 2,941.82 2,388.13 2,243.00 1,899.59 1,544.24
Miscellaneous Expenses 11,852.21 11,360.60 10,620.22 9,589.96 7,291.09
Total Expenses 20,400.72 18,953.04 19,689.38 18,786.54 15,949.66
Operating Profit 1,151.63 2,214.29 -115.95 -1,484.65 902.93
PBDIT 2,117.92 3,036.76 -167.15 -1,795.06 1,560.05
Interest 840.68 868.11 884.06 997.16 1,118.98
PBDT 1,277.24 2,168.65 -1,051.21 -2,792.22 441.07
Depreciation 887.01 995.09 762.50 875.75 926.57
Profit Before Tax 390.23 1,173.56 -1,813.71 -3,667.97 -485.50
PBT (Post Extra-Ord Items) 390.23 1,173.56 -1,813.71 -3,667.97 -485.50
Tax -0.20 0.00 0.00 -0.12 0.00
Reported Net Profit 390.43 1,173.56 -1,813.71 -3,667.85 -485.50
Total Value Addition 20,267.81 18,764.46 19,549.48 18,664.97 15,827.33
Shares in issue (lakhs) 1,135.97 1,135.97 1,135.97 863.341,135.97
Earnings Per Share (Rs) 34.37 103.31 -159.66 -322.88 -56.24
Book Value (Rs) -269.97 -293.09 -387.83 -223.87 -113.57

Balance Sheet of Jet Airways PVT LTD
(As on ----------------------------)
Sources Of Funds
Total Share Capital 113.60 113.60 113.60 86.33113.60
Reserves -3,180.43 -3,442.97 -4,519.25 -2,656.74 -1,066.83
Net worth -3,066.83 -3,329.37 -4,405.65 -2,543.14 -980.50
Secured Loans 3,411.77 2,836.62 3,388.42 2,508.99 2,930.06
Unsecured Loans 3,811.51 6,394.77 6,863.17 6,076.80 5,891.13
Total Debt 7,223.28 9,231.39 10,251.59 8,585.79 8,821.19
Total Liabilities 4,156.45 5,902.02 5,845.94 6,042.65 7,840.69
Application Of Funds
Gross Block 16,603.18 16,065.19 15,709.86 16,132.6412,779.17
Less: Revaluation Reserves 315.37 315.37 315.37 315.37 637.97
Less: Accum. Depreciation 6,204.75 7,798.53 6,833.98 6,074.90 5,355.60
Net Block 6,259.05 8,489.28 8,915.84 9,319.59 10,139.07
Capital Work in Progress 709.30 4.10 19.42 0.00 0.00
Investments 1,230.67 1,196.19 696.17 1,641.21 1,646.01
Inventories 498.76 1,049.71 927.02 803.76 786.67
Sundry Debtors 1,372.76 1,625.48 1,374.48 1,209.22 1,184.58
Cash and Bank Balance 1,537.54 1,477.65 2,068.60 1,145.41 837.07
Loans and Advances 4,533.92 5,003.61 4,532.32 3,934.56 3,523.18
Total CA, Loans & Advances 7,942.98 9,156.45 8,902.42 7,092.95 6,331.50
Current Liabilities 11,509.18 12,581.91 12,387.60 11,657.31 10,045.58

Provisions 476.37 362.09 300.31 353.79 230.31
Total CL & Provisions 11,985.55 12,944.00 12,687.91 12,011.10 10,275.89
Net Current Assets -4,042.57 -3,787.55 -3,785.49 -4,918.15 -3,944.39
Total Assets 4,156.45 5,902.02 5,845.94 6,042.65 7,840.69
Cash Flow Statements of Jet Airways PVT LTD
Particulars 2017 Mar 2016 Mar 2015 Mar 2014 Mar 2013 Mar
Jet Airways
Cash Flow
Financing Activities
Net (decrease)/increase in Cash
Opening Cash & Cash
Equivalents
Closing Cash & Cash
Equivalents
390.23
960.85
1644.87
-2378.58
227.14
309.83
536.97
1173.56
2531.14
-739.04
-2437.59
-645.49
955.32
309.83
-1813.71
528.03
-172.45
304.76
660.34
295.18
955.52
-3667.97
921.26
-341.57
-426.63
153.06
142.12
295.18
-485.50
1839.04
1677.24
-3443.55
72.73
69.39
142.12

Another Profit and Loss Account of Indigo PVT LTD
(For year ending ---------------------)
Income
Sales Turnover 16,139.91 13,925.34 11,116.58 9,203.1318,580.50
Net Sales 18,580.50 16,139.91 13,925.34 11,116.58 9,203.13
Other Income 789.07 515.12 394.58 315.53 237.10
Stock Adjustments 0.29 1.13 3.17 -0.71 1.87
Total Income 19,369.86 16,656.16 14,323.09 11,431.40 9,442.10
Expenditure
Raw Materials 227.86 81.71 58.40 55.99245.00
Power & Fuel Cost 6,341.51 4,779.32 5,748.49 5,513.35 4,312.63
Employee Cost 2,048.19 1,787.98 1,188.69 920.55 690.45
Selling and Admin Expenses 94.38 88.21 0.00 0.00 0.00
Total Expenses 16,437.48 13,023.07 12,058.83 10,609.25 8,311.36
Operating Profit 2,143.31 3,117.97 1,869.68 506.62 893.64
PBDIT 2,932.38 3,633.09 2,264.26 822.15 1,130.74
Interest 330.78 304.12 115.53 122.58 57.80
PBDT 2,601.60 3,328.97 2,148.73 699.57 1,072.94
Depreciation 457.25 505.47 302.21 226.01 85.62
Profit Before Tax 2,144.35 2,823.50 1,846.52 473.56 987.32
PBT (Post Extra-ord Items) 2,144.35 2,823.50 1,846.52 473.56 987.32
Tax 485.15 837.35 542.35 -0.86 203.96
Reported Net Profit 1,659.19 1,986.16 1,304.17 474.44 783.36

Equity Dividend 542.20 1,102.65 1,079.69 377.58 548.64
Shares in issue (lakhs) 3,603.57 3.07 3.07 3.073,614.68
Earnings Per Share (Rs) 45.90 55.12 42,481.17 15,454.10 25,516.51
Equity Dividend (%) 340.00 150.00 3,516.90 1,229.90 1,787.09
Book Value (Rs) 104.55 75.57 13,583.81 13,617.92 12,553.00
Balance Sheet of Indigo PVT LTD
(As on-------------------------)
Indigo Airways Mar '17 Mar '16 Mar '15 Mar '14 Mar '13
12 mths 12 mths 12 mths 12 mths 12 mthsParticulars
Sources Of Funds
Preference Share Capital 0.00 0.00 3.67 3.67 3.67
Reserves 3,417.75 2,362.83 386.32 387.37 354.68
Net worth 3,779.22 2,723.19 420.69 421.74 389.05
Secured Loans 2,395.71 3,007.07 3,592.07 3,080.74 1,698.77
Total Debt 2,395.71 3,007.07 3,592.07 3,080.74 1,698.77

Gross Block 5,325.09 5,643.69 3,955.97 1,764.464,643.19
Less: Accum. Depreciation 849.35 577.68 767.65 0.00 0.00
Net Block 3,793.84 4,747.41 4,876.04 3,955.97 1,764.46
Investments 3,713.44 986.16 516.80 1,271.53 1,138.38
Inventories 163.15 76.28 130.55 67.29 52.28
Sundry Debtors 158.70 157.11 104.55 89.12 68.52
Cash and Bank Balance 4,632.54 3,718.67 1,999.38 1,101.53 1,340.59
Provisions 189.10 142.97 205.14 501.34 53.95
Net Current Assets -1,357.54 -35.28 -1,384.19 -1,725.02 -821.86
Total Assets 6,174.93 5,730.26 4,009.10 3,502.48 2,087.83

Cash Flow Statements of Indigo Airways PVT LTD
Particulars 2017
Mar
2016
Mar
2015 Mar 2014 Mar 2013 Mar
Net (decrease)/increase in Cash
2144.34
0.00
0.00
0.00
-652.26
805.37
153.11
2823.51
3115.72
-1342.84
-1219.96
558.62
246.75
805.37
1846.52
2383.88
-940.51
-1308.11
136.11
110.64
246.75
473.58
1595.50
-2913.78
1284.84
-33.91
144.55
110.64
987.32
1741.30
-1889.69
36.08
-112.92
257.47
144.55

E-Commerce Sector
Introduction-:
The e-commerce has transformed the way business is done in India. The Indian e-commerce
market is expected to grow to US$ 200 billion by 2026 from US$ 38.5 billion as of 2017.The
value of e-commerce market is expected to cross US$ 50 billion by 2018.
Much growth of the industry has been triggered by increasing internet and smartphone
penetration. The ongoing digital transformation in the country is expected to increase India’s
total internet user base to 829 million by 2021 (59 per cent of total population), from 373
million (28 per cent of population) in 2016, while total number of networked devices in the
country are expected to grow to two billion by 2021, from 1.4 billion in 2016.
MarketSize
Total online spending, inclusive of domestic and cross border shopping, is expected to increase
by 31 per cent year-on-year to Rs 8.76 trillion (US$ 135.8 billion) by 2018. Cross border
shopping by Indians touched Rs 58,370 crore (US$ 9.1 billion) in 2016, and is expected to by
85 per cent year-on-year in 2017. The top 3 countries preferred by Indians for cross-border
shopping in 2016 were USA (14%), UK (6%) and China (5%).
The Indian consumer internet market is expected to grow by 44 per cent year-on-year to touch
US$ 65 billion in 2017, up from US$ 45 billion in 2016. Online travel agents account for the
largest market share (70 per cent) in the internet consumer market, while the remaining 30 per
cent is occupied by horizontal e-tailing, fashion, furniture, grocery, hotel, food tech, cab
aggregators, education technology, and alternative lending among others.
The internet industry in India is likely to double to reach US$ 250 billion by 2020, growing to
7.5 per cent of Gross Domestic Product (GDP), with the number of mobile internet users
growing to about 650 million and that of high-speed internet users reaching 550 million.5
About 70 per cent of the total automobile sales in India, worth US$ 40 billion, are expected to
be digitally influenced by 2020 as against US$ 18 billion in 2016.
Government initiatives-:
Since 2014, the Government of India has announced various initiatives namely, Digital India,
Make in India, Start-up India, Skill India and Innovation Fund. The timely and effective
implementation of such programs will likely support the e-commerce growth in the country.
Some of the major initiatives taken by the government to promote the e-commerce sector in
India are as follows:
 Reserve Bank of India (RBI) has decided to allow "inter-operability" among Prepaid
Payment Instruments (PPIs) such as digital wallets, prepaid cash coupons and prepaid
telephone top-up cards.
 Finance Minister Mr Arun Jaitley has proposed various measures to quicken India's
transition to a cashless economy, including a ban on cash transactions over Rs 300,000
(US$ 4,655.1), tax incentives for creation of a cashless infrastructure, promoting greater
usage of non-cash modes of payments, and making Aadhaar-based payments more
widespread.

 The Government of India launched an e-commerce portal called TRIFED and an m-
commerce portal called ‘Tribes India’ which will enable 55,000 tribal artisans get
access to international markets.
 The Indian e-commerce industry has been on an
upward growth trajectory and is expected to
surpass the US to become the second largest e-
commerce market in the world by 2034.
 The e-commerce market is expected to reach
US$ 64 billion by 2020 and US$ 200 billion by
2026 from US$ 38.5 billion as of 2017.
 With growing internet penetration, internet
users in India are expected to increase from 481
million as of December 2017 to 829 million by
2021.
 Rising internet penetration is expected to lead
to growth in ecommerce.
 India’s internet economy is expected to double
from US$125 billion as of April 2017 to US$
250 billion by 2020, majorly backed by
ecommerce.
E-Commerce Sector in India
Founded in October 2007, Flipkart is one of India’s leading e-
commerce marketplaces, with headquarters in Bengaluru.
Flipkart was founded by Sachin Bansal and Binny Bansal and the
company initially started as an online book store. Later, as the
company’s popularity grew, it also started selling other items
such as music, movies and mobile phones.
Amazon India launched operations in June 2013. The company
launched its website Amazon.in, offering customers a wide
variety of choices in books, movies and television shows. On the
first day of its operations, Amazon India had received more than
10,000 orders.
Snapdeal is one of India’s leading e-commerce companies with
its headquarters located in New Delhi. Snapdeal was launched in
2010, a time when the e-commerce market in India was at a
nascent stage. The company was co-founded by Kunal Bahl and
Rohit Bansal. Snapdeal currently offers more than 60 million
products across various categories such as mobiles & tablets,
computers, office equipment etc.

ShopClues was founded in July 2011 and the mastermind
powering the venture was Sandeep Aggarwal, one of the co-
founders of the company. The other co-founders of ShopClues
are Sanjay Sethi, CEO of ShopClues and Radhika Aggarwal,
Chief Business Officer (CBO). ShopClues is headquartered in
Gurugram and is an Indian subsidiary of US-based Clues
Network Inc.
MakeMyTrip.com was founded in the year 2000 by Deep Kalra.
Created to empower the Indian traveller with instant booking
and comprehensive choices, the company began its journey in
the US-India travel market.
Yatra Online, Inc. was incorporated in 2005 and is headquartered
in Gurgaon, India and it operates as an online travel agent
company in India. The company provides travel-related services,
including domestic and international air ticketing, hotel bookings,
homestays, holiday packages, bus ticketing, rail ticketing, and
activities and ancillary services for leisure and business travellers.
Big tree Entertainment's BookMyShow is India's largest
entertainment ticketing website. Headquartered in Mumbai, it is
the only destination for movie and non-movie options like events,
plays and sports. Within a decade of its inception, the company
poses a 40% CAGR in revenues and over 90% market share in the
online entertainment ticketing space.

Education & Training Sector
Introduction-:
India holds an important place in the global education industry. India has one of the largest
networks of higher education institutions in the world with 850 universities (as of April 2018)
and 42,026 colleges. A total of 35.7 million people were enrolled in higher education institutes
in 2016-17. However, there is still a lot of potential for further development in the education
system.
Moreover, the aim of the government to raise its current gross enrolment ratio to 30 per cent
by 2020 will also boost the growth of the distance education in India.
MarketSize-:
The education sector in India is poised to witness major growth in the years to come as India
will have world’s largest tertiary-age population and second largest graduate talent pipeline
globally by the end of 2020. The education sector in India is estimated at US$ 91.7 billion in
FY18 and is expected to reach US$ 101.1 billion in FY19E.
Higher education system in India has undergone rapid expansion. Currently, India’s higher
education system is the largest in the world enrolling over 70 million students while in less
than two decades, India has managed to create additional capacity for over 40 million students.
By 2025, the segment is expected to reach US$ 35.03 billion.
The country has become the second largest market for e-learning after the US. The sector is
expected to reach US$ 1.96 billion by 2021 with around 9.5 million users.
Investment / Recent Development-:
The total amount of Foreign Direct Investments (FDI) inflow into the education sector in India
stood at US$ 1.67 billion from April 2000 to December 2017, according to data released by
Department of Industrial Policy and Promotion (DIPP).
The education and training sector in India has witnessed some major investments and
developments in the recent past. Some of them are:
 Indian education sector witnessed 18 merger and acquisition deals worth US$ 49
million in 2017.
 The Ministry of Human Resource Development, Government of India is also planning
to raise around Rs 1 lakh crore (US$ 15.52 billion) from private companies and high
net worth individuals to finance improvement of education infrastructure in the country.
 India has signed a loan agreement with World Bank under 'Skills Acquisition and
Knowledge Awareness for Livelihood Promotion' (SANKALP) Project to enhance
institutional mechanisms for skills development.
 Singapore is going to open its first skill development centre in Assam, which will
provide vocational training to youth in the region.
Government Initiatives-:

Some of the other major initiatives taken by the Government of India are:
 The allocation for school education under the Union Budget 2018-19 is expected to
increase by 14 per cent, to focus on accelerating existing schemes and quality
improvement.
 In order to boost the Skill India Mission, two new schemes, Skills Acquisition and
Knowledge Awareness for Livelihood Promotion (SANKALP) and Skill Strengthening
for Industrial Value Enhancement (STRIVE), have been approved by the Cabinet
Committee on Economic Affairs (CCEA), Government of India, with an outlay of Rs
6,655 crore (US$ 1.02 billion) and will be supported by the World Bank.
 The Government of India has signed a Financing Agreement with the World Bank for
IDA credit of US$ 125 million for the “Skills Strengthening for Industrial Value
Enhancement Operation (STRIVE) Project”.
 NITI Aayog is launching the Mentor India Campaign which will bring leaders and
students together at more than 900 Atal Tinkering Labs in India, as part of the Atal
Innovation Mission. As of June 2018, 5,441 schools have been selected across India for
establishing Atal Tinkering Labs (ATLs) under the Atal Innovation Mission (AIM).
 The Government of India will spend around Rs 20,000 crore (US$ 3.10 billion) to build
six new Indian Institutes of Technology (IITs) by March 2024, of which Rs 7,000 crore
(US$ 1.08 billion) will be spent by March 2020.
 The Ek Bharat Shreshtha Bharat (EBSB) campaign is undertaken by Ministry of Human
Resource Development to increase engagement between states, union territories,
central ministries, educational institutions and general public.
 Prime Minister Mr Narendra Modi launched the Skill India initiative – ‘Kaushal Bharat,
Kushal Bharat’. Under this initiative, the government has set itself a target of training
400 million citizens by 2022 that would enable them to find jobs. The initiatives
launched include various programmes like: Pradhan Mantri Kaushal Vikas Yojana
(PMKVY), National Policy for Skill Development and Entrepreneurship 2015, Skill
Loan scheme, and the National Skill Development Mission.
 India has 850 operational universities as of
April 2018.
 With both the Government and the private
sector stepping up to invest in the Indian
education sector, the number of schools and
colleges have seen an uptrend over the past few
years
 Government’s initiative to increase awareness
among all sections of the society has played a
major role in promoting higher education
among the youth.
 Total number of agricultural universities in the
country increased from 35 in 1999 to 75 in 2017

 There has been a significant increase in the
share of the state private universities as part of
total universities from 3.43 per cent in 2008-09
to 34.82 per cent as of April 2018.
 As of April 2018, India has 384 state
universities, 123 deemed to be universities, 47
central universities and 296 private universities.
Education Sector in India
Lovely Professional University has a mammoth ultra-modern
campus sprawling over more than 600 acres of land on the
National Highway No.1 at the entry of Jalandhar City. It is the
largest single campus university in India, with more than
25,000 students, 3,500 faculty and staff, offering more than
150 programmes.
Having been in the business of English training for over 32
years, today Veta stands head and shoulders above any such
training academy and has a pan India presence. More than 3.5
million learners have stepped out of Veta with enhanced
confidence and the power.
The corporate training division of Veta handles spoken
English training across a spectrum of institutions ranging from
schools and colleges to businesses, companies and
associations.
NIIT is a leading global talent development corporation,
building skilled manpower pool for global industry
requirements. The company which was set up in 1981, to help
the nascent IT industry overcome its human resource
challenges, has today grown to be amongst world's leading
talent development companies offering learning solutions to
individuals, enterprises and institutions across 40 countries.
Founded in 1994, Edu comp is the largest education company
in India with presence across the entire education ecosystem.
From schools to skills, Edu comp group empowers over 30
million learners and educators across 65,000 schools.

Annual Report of NIIT
Balance Sheet of NIIT
(As on---------------)
Sources OfFunds
Total Share Capital 33.10 33.04 33.03 33.02
33.15
Share Application Money 0.22 0.00 0.00 0.00 0.00
Reserves 775.28 778.61 778.58 386.54 419.41
Net worth 808.65 811.71 811.62 419.57 452.43
Secured Loans 141.98 166.11 108.06 88.74 98.48
Unsecured Loans 16.40 8.50 0.00 19.90 20.11
Total Debt 158.38 174.61 108.06 108.64 118.59
Total Liabilities 967.03 986.32 919.68 528.21 571.02
Gross Block 188.23 179.57 312.07 410.32
170.98
Net Block 55.64 65.10 61.84 149.02 189.63
Investments 761.18 742.31 741.68 186.29 207.13
Inventories 0.87 4.49 2.72 4.73 8.72
Sundry Debtors 99.93 120.59 133.15 181.61 255.40
Cash and Bank Balance 22.82 13.54 13.01 20.76 55.56
Total Current Assets 123.62 138.62 148.88 207.10 319.68
Loans and Advances 162.91 185.67 116.21 199.14 185.10
Total CA,Loans & Advances 286.53 324.29 265.09 406.24 504.78
Current Liabilities 133.96 135.28 140.93 187.54 303.95
Provisions 12.40 11.50 11.52 36.61 38.25
Total CL & Provisions 146.36 146.78 152.45 224.15 342.20
Net Current Assets 140.17 177.51 112.64 182.09 162.58
Total Assets 956.99 984.92 919.67 528.21 571.03

CashFlow Statements of NIIT
Particular 2017 Mar 2016 Mar 2015 Mar 2014 Mar 2013 mar
Net Cash (used in)/from Investing
Activities
Net (decrease)/increase in Cash and
Cash Equivalents
Opening Cash & Cash
Equivalents
-8.43
0.00
0.00
0.00
9.57
10.96
20.53
-1.52
0.00
0.00
0.00
3.27
7.69
10.96
-27.90
35.95
-11.42
-19.06
5.47
2.22
7.69
-1.89
4.45
40.92
-80.11
-34.74
51.27
16.53
8.09
55.58
-18.83
0.85
37.60
13.67
51.27

Profit and Loss Account of Edu comp PVT LTD
(For the year ending------------------------)
Income
Sales Turnover 198.18 282.30 733.11 1,076.51200.99
Net Sales 200.99 198.18 282.30 733.11 1,076.51
Other Income 9.19 -827.39 -35.12 87.29 15.53
Stock Adjustments -3.16 -4.41 -9.97 -8.22 41.00
Total Income 207.02 -633.62 237.21 812.18 1,133.04
Expenditure
Raw Materials 18.96 107.69 327.36 427.3335.61
Power & Fuel Cost 1.98 2.00 1.50 2.26 3.63
Employee Cost 115.00 128.86 142.42 196.55 176.92
Miscellaneous Expenses 116.19 98.70 124.76 141.70 146.29
Total Expenses 268.78 248.52 376.37 667.87 754.17
Operating Profit -70.95 -54.75 -104.04 57.02 363.34
PBDIT -61.76 -882.14 -139.16 144.31 378.87
Interest 247.12 229.54 138.17 138.86 90.24
PBDT -308.88 -1,111.68 -277.33 5.45 288.63
Depreciation 40.07 47.83 54.08 52.77 47.35
Profit Before Tax -348.95 -1,159.51 -331.41 -47.32 241.28
Extra-ordinary items -13.48 -5.92 -0.52 -1.67 3.20
PBT (PostExtra-Ord Items) -362.43 -1,165.43 -331.93 -48.99 244.48
Tax -19.09 0.00 -19.70 -8.26 55.58
Reported Net Profit -343.34 -1,165.44 -312.23 -40.72 188.90

Total Value Addition 233.17 229.56 268.68 340.51 326.84
Equity Dividend 0.00 0.00 0.00 0.69 2.90
Shares in issue (lakhs) 1,224.67 1,224.41 1,224.07 960.641,224.67
Earnings Per Share (Rs) -28.04 -95.16 -25.50 -3.33 19.66
Equity Dividend (%) 0.00 0.00 0.00 3.00 15.00
Book Value (Rs) 10.64 39.95 136.93 162.19 189.82

Balance Sheet of Edu comp PVT LTD
(As on ---------------------)
Sources Of Funds
Reserves 105.86 464.76 1,652.04 1,960.89 1,804.25
Net worth 130.35 489.25 1,676.53 2,026.54 1,823.46
Secured Loans 1,902.08 2,294.52 1,831.12 874.27 210.96
Unsecured Loans 80.76 69.51 97.03 90.97 126.90
Total Debt 1,982.84 2,364.03 1,928.15 965.24 337.86
Gross Block 232.83 230.28 229.58 206.04120.88
Less:Accum.Depreciation 58.39 149.03 124.73 96.49 66.22
Net Block 62.49 83.80 105.55 133.09 139.82
Investments 1,713.20 1,693.84 1,693.84 1,684.40 1,622.26
Inventories 12.00 25.36 56.63 49.22 77.15
Sundry Debtors 1,166.24 1,356.85 1,846.83 1,303.59 865.05
Total CurrentAssets 1,212.65 1,439.18 1,922.38 1,384.09 1,057.81
Loans and Advances 106.99 176.86 258.36 384.38 337.77

CurrentLiabilities 919.56 417.50 375.49 555.16 950.36
Provisions 64.78 126.76 8.53 42.85 46.02
Total CL & Provisions 984.34 544.26 384.02 598.01 996.38
Net Current Assets 335.30 1,071.78 1,796.72 1,170.46 399.20
Total Assets 2,113.19 2,853.29 3,604.67 2,991.78 2,161.32

Cash Flow Statements of Edu comp Pvt Ltd
Particular 2016 Mar 2015 Mar 2014 Mar 2013 Mar 2012 Mar
Activities
Activities
Cash Equivalents
-362.43
141.56
14.04
-178.08
-22.47
54.10
31.62
-1165.44
-299.71
16.97
320.09
37.35
16.74
54.10
-331.93
-756.34
58.37
697.93
-0.04
16.78
16.74
-48.98
-306.88
-75.75
298.29
-84.34
101.12
16.78
244.08
158.09
-392.67
134.13
-100.46
184.29
83.84

Financial Services Sector
Introduction-:
India has a diversified financial sector undergoing rapid expansion, both in terms of strong
growth of existing financial services firms and new entities entering the market. The sector
comprises commercial banks, insurance companies, non-banking financial companies, co-
operatives, pension funds, mutual funds and other smaller financial entities. The banking
regulator has allowed new entities such as payments banks to be created recently thereby
adding to the types of entities operating in the sector. However, the financial sector in India is
predominantly a banking sector with commercial banks accounting for more than 64 per cent
of the total assets held by the financial system.
The Government of India has introduced several reforms to liberalise, regulate and enhance
this industry. The Government and Reserve Bank of India (RBI) have taken various measures
to facilitate easy access to finance for Micro, Small and Medium Enterprises (MSMEs). These
measures include launching Credit Guarantee Fund Scheme for Micro and Small Enterprises,
issuing guideline to banks regarding collateral requirements and setting up a Micro Units
Development and Refinance Agency (MUDRA). With a combined push by both government
and private sector, India is undoubtedly one of the world's most vibrant capital markets. In
2017, a new portal named 'Udyami Mitra' has been launched by the Small Industries
Development Bank of India (SIDBI) with the aim of improving credit availability to Micro,
Small and Medium Enterprises' (MSMEs) in the country. India has scored a perfect 10 in
protecting shareholders' rights on the back of reforms implemented by Securities and Exchange
Board of India (SEBI).
Market Size-:
The Mutual Fund (MF) industry in India has seen rapid growth in Assets Under Management
(AUM). Total AUM of the industry stood at Rs 23.26 lakh crore (US$ 360.90 billion) as of
April 2018. At the same time the number of Mutual fund (MF) equity portfolios reached a
record high of 2.27 billion in February 2018.
On account of rise in investments in the Mutual Funds and other financial instruments, the
revenues of the brokerage industry in India are forecasted to grow by 15-20 per cent to reach
Rs 18,000-19,000 crore (US$ 2.80-2.96 billion) in FY2017-18, backed by healthy volumes and
a rise in the share of the cash segment.
Another crucial component of India’s financial industry is the insurance industry. The
insurance industry has been expanding at a fast pace. The total first year premium of life
insurance companies grew 17.35 per cent year-on-year to reach US$ 25.44 billion during April
2017-February 2018.
Along with the secondary market, the market for Initial Public Offers (IPOs) has also witnessed
rapid expansion. The total amount of Initial Public Offerings increased to Rs 84,357 crore (US$
13,089 million) by the end of FY18.
Over the past few years India has witnessed a huge increase in Mergers and Acquisition (M&A)
activity. The total value of M&A in India rose 53.3 per cent year-on-year to US$ 77.6 billion
in 2017 from US$ 50.6 billion in the preceding year.

Furthermore, India’s leading bourse Bombay Stock Exchange (BSE) will set up a joint venture
with Ebix Inc to build a robust insurance distribution network in the country through a new
distribution exchange platform.
 SEBI plans to allow investors to make mutual funds transactions worth up to Rs 50,000
(US$ 750) a month through digital wallets, as part of its efforts to digitise the
distribution processes for all financial products. It also plans to allow immediate credit
to customer’s bank accounts on liquid mutual funds redemption to attract retail
customers as well as boost inflows.
 The Government of India has relaxed norms for small merchants with a turnover of up
to Rs 2 crore (US$ 300,000), allowing them to pay 6 per cent of deemed profit in tax
instead of 8 per cent of total turnover or gross receipts received through banking
channels or digital means for FY 2016-17, in a bid to encourage cashless transactions
in the country.
 The lending target has been fixed at Rs 244,000 crore (US$ 36.46 billion) for 2017-18.
 The Government of India launched the 'Bharat 22' exchange traded fund (ETF), which
will be managed by ICICI Prudential Mutual Fund, and is looking to raise Rs 8,000
crore (US$ 1.22 billion) initially.
 In April 2018, the Government of India issued minimum FDI capital requirement of
US$ 20 million for unregistered /exempt financial entities engaged in ‘fund based
activities’ and threshold of US$ 2 million for unregistered financial entities engaged in
non-fund based activities.
 The number of listed companies on NSE and
BSE increased from 6,445 in FY10 to 7,501 in
March 2018.
 The market capitalisation of all the companies
listed on the BSE reached a record Rs 150 lakh
crore (US$ 2.33 trillion) backed by high gains
in the broader market.
 The amount raised by IPOs in India increased
from US$ 318 million in FY 2008-09 to US$
10,888 million in FY 2017-18.
 Initial Public Offers (IPOs) by small and
medium enterprises (SMEs) in India received
record funding of Rs 16.79 billion (US$ 259.35
million) in 2017 through 133 issues.
 The total amount of initial public offerings
increased to Rs 84,357 crore (US$ 13,089
million) by the end of FY18.

 The asset management industry in India is among
the fastest growing in the world. As of November
2017, 42 asset management companies were
operating in the country
 At the end of March 2018, the assets under
management of the mutual fund industry stood at
Rs 21.36 lakh crore (US$ 331.42 billion).
 India registered a record inflow of amount of US$
51.02 billion in mutual funds in FY 2016-17.
According to the Association of Mutual Funds in
India (AMFI) data, this was the highest
investment in mutual fund schemes since the fiscal
1999-2000.
 The number of mutual fund (MF) portfolios have
increased to 66.5 million as of December 2017,
backed by rising interest in MFs among investors.
 Mutual fund (MF) equity portfolios in India
reached a 10-year high of 49.3 million, by end of
2017.
Financial Services in India
PNB Housing Finance Ltd (PNBHFL) is a registered housing
finance company with National Housing Bank (NHB). It was
incorporated under the Companies Act, 1956 and commenced
its operations on November 11, 1988. PNBHFL is a subsidiary
of Punjab National Bank (PNB), which holds 51 per cent of
share capital in the Company.
Aditya Birla Finance Ltd (ABFL) is one of India's most reputed
non-banking financial companies (NBFC). Incorporated in
1991, the company was certified as ISO 9001:2008 across all
its core functional processes in March 2013 by BSI, a leading
global independent business services organization.
Reliance Capital Ltd (RCL), a constituent of CNX Nifty Junior
and MSCI India, is a part of the Reliance Group. It is one of
India's leading and amongst the most valuable financial
services companies in the private sector.
Reliance Capital has interests in asset management and mutual
funds, life and general insurance, commercial finance, equities
and commodities broking, wealth management services,
distribution of financial products, asset reconstruction,
proprietary investments and other activities in financial
services.

Cholamandalam Investment and Finance Company Ltd was
incorporated in 1978 as the financial services arm of the
Murugappa Group. It started operations as an equipment
financing company and has today emerged as an inclusive
financial services provider offering vehicle finance, home
loans, home equity loans, SME loans, investment advisory
services, stock broking and a variety of other financial
services to customers.
Bajaj Capital Ltd was incorporated in the year 1964 in New
Delhi, India. It is India’s premier financial services provider,
which has been providing investment services with about 50
years of experience in helping people protect and grow their
wealth.
Founded in August 1986, SBI Capital Markets Ltd (SBICAP) is a
wholly owned subsidiary and the investment banking arm of the
State Bank of India (SBI), the largest commercial bank in the
country.
SBICAP is the country's largest domestic investment bank,
offering the entire gamut of investment banking and
corporate advisory services. These services encompass
Project Advisory and Loan Syndication, Structured Debt
Placement, Capital Markets, Mergers & Acquisitions, Private
Equity and Stressed Assets Resolution.
Founded by M. George Muthoot in 1939, Muthoot Finance
Ltd has emerged as the Muthoot Group’s flagship company,
providing financial services to people in need. Listed on the
NSE (National Stock Exchange of India) and BSE (Bombay
Stock Exchange Limited), it is a systematically important
non-deposit taking non-banking financial company (NBFC).

Annual report of Bajaj Finance and Chola Finance Pvt Ltd
Profit and Loss Account of Bajaj Finance Pvt Ltd
(For the year ending---------------)
Income
Sales Turnover 9,963.02 7,304.31 5,381.80 4,032.4413,287.77
Net Sales 13,287.77 9,963.02 7,304.31 5,381.80 4,032.44
Other Income 41.45 25.95 79.17 36.43 41.91
Total Income 13,329.22 9,988.97 7,383.48 5,418.23 4,074.35
Expenditure
Employee Cost 931.67 629.63 450.73 340.811,401.43
Total Expenses 4,586.16 3,296.92 2,435.71 1,777.39 1,380.76
Operating Profit 8,701.61 6,666.10 4,868.60 3,604.41 2,651.68
PBDIT 8,743.06 6,692.05 4,947.77 3,640.84 2,693.59
Interest 4,584.74 3,803.37 2,926.86 2,248.30 1,573.24
PBDT 4,158.32 2,888.68 2,020.91 1,392.54 1,120.35
Depreciation 101.96 71.16 56.34 35.60 29.19
Profit Before Tax 4,056.36 2,817.52 1,964.57 1,356.94 1,091.16
PBT (PostExtra-Ord Items) 4,056.36 2,817.52 1,964.57 1,356.94 1,091.16
Tax 1,409.66 980.97 686.05 459.07 372.15
Reported Net Profit 2,646.70 1,836.55 1,278.52 897.87 719.01
Equity Dividend 197.96 0.00 140.57 90.27 80.23

Shares in issue (lakhs) 5,498.90 538.72 501.47 501.425,779.68
Earnings Per Share (Rs) 45.79 33.40 237.32 179.05 143.39
Equity Dividend (%) 200.00 180.00 250.00 180.00 160.00
Book Value (Rs) 285.80 174.59 1,359.63 957.12 795.91

Balance Sheet of Bajaj Finance Pvt Ltd
(As on ------------)
Sources Of Funds
Reserves 16,403.26 9,490.94 7,271.06 4,749.70 3,941.11
Net worth 16,518.29 9,600.31 7,426.64 4,799.70 3,990.86
Secured Loans 45,432.16 35,967.89 30,445.12 18,691.13 12,453.62
Unsecured Loans 16,134.87 13,281.76 6,579.58 3,896.39 3,496.92
Total Debt 61,567.03 49,249.65 37,024.70 22,587.52 15,950.54
Gross Block 531.91 422.58 343.61 307.81705.05
Net Block 464.66 361.13 287.00 249.18 219.87
Investments 3,660.46 4,074.70 1,034.07 332.29 28.21
Sundry Debtors 34,203.92 25,654.78 0.00 0.00 0.00
Cash and Bank Balance 228.73 325.80 1,329.15 219.66 776.81
Total Current Assets 34,432.65 25,980.58 1,329.15 219.66 776.81
Provisions 1,310.11 1,294.94 368.22 319.31 236.48

Net Current Assets 73,960.20 54,414.13 43,130.27 26,805.75 19,693.32
Total Assets 78,085.32 58,849.96 44,451.34 27,387.22 19,941.40

Profit and Loss Account of Chola MS Finance Pvt Ltd
(For the year ending------------------)
Income
Sales Turnover 4,192.47 3,690.46 3,261.78 2,553.374,659.55
Net Sales 4,659.55 4,192.47 3,690.46 3,261.78 2,553.37
Other Income 0.79 1.24 0.73 1.06 2.31
Total Income 4,660.34 4,193.71 3,691.19 3,262.84 2,555.68
Expenditure
Employee Cost 253.95 221.74 187.50 153.09402.64
Other Manufacturing Expenses 178.42 225.83 186.96 197.32 174.37
Miscellaneous Expenses 697.13 765.57 635.70 533.11 346.10
Total Expenses 1,285.86 1,250.83 1,044.40 917.93 673.56
Operating Profit 3,373.69 2,941.64 2,646.06 2,343.85 1,879.81
PBDIT 3,374.48 2,942.88 2,646.79 2,344.91 1,882.12
Interest 2,230.80 2,050.78 1,960.39 1,771.09 1,411.01
PBDT 1,143.68 892.10 686.40 573.82 471.11
Depreciation 38.11 21.33 29.18 23.63 20.31
Profit Before Tax 1,105.57 870.77 657.22 550.19 450.80
PBT (PostExtra-ord Items) 1,105.57 870.77 657.22 550.19 450.80
Tax 386.84 302.32 222.06 186.19 144.26
Reported Net Profit 718.74 568.45 435.16 364.01 306.55
Total Value Addition 1,285.86 1,250.83 1,044.40 917.92 673.56
Preference Dividend 0.00 2.12 2.88 0.00 0.00

Equity Dividend 54.69 70.26 50.27 50.11 47.46
Shares in issue (lakhs) 1,561.46 1,436.69 1,431.91 1,431.081,562.78
Earnings Per Share (Rs) 45.99 36.27 30.09 25.42 21.42
Equity Dividend (%) 55.00 45.00 35.00 35.00 35.00
Book Value (Rs) 275.96 234.23 186.03 160.25 137.29
Balance Sheet of Chola MS Pvt Ltd
(As on---------)
Sources Of Funds
Preference Share Capital 0.00 0.00 500.00 0.00 0.00
Reserves 4,156.33 3,501.17 2,528.92 2,151.44 1,821.59
Net worth 4,312.85 3,657.41 3,173.33 2,294.71 1,964.76
Secured Loans 13,541.30 17,111.52 16,369.04 15,347.19 12,564.85
Unsecured Loans 10,665.48 5,464.70 3,106.20 2,746.00 2,724.16
Total Debt 24,206.78 22,576.22 19,475.24 18,093.19 15,289.01
Gross Block 202.07 148.50 135.16 113.97257.40
Less:Accum.Depreciation 117.32 90.75 80.17 62.26 43.31

Net Block 140.08 111.32 68.33 72.90 70.66
Investments 238.55 66.57 67.48 82.43 224.51
Total CurrentAssets 486.98 490.47 340.66 800.84 388.97
CurrentLiabilities 1,528.87 1,006.66 838.84 807.38 689.54
Provisions 672.64 648.02 385.81 351.52 241.48
Total CL & Provisions 2,201.51 1,654.68 1,224.65 1,158.90 931.02
Net Current Assets 28,141.01 26,055.73 22,512.77 20,232.58 16,958.62
Total Assets 28,519.64 26,233.62 22,648.58 20,387.91 17,253.79

Cash Flow Statements of Chola MS Pvt Ltd
Particular 2017 mar 2016 mar 2015 mar 2014 mar 2013 mar
Activities
Activities
Cash Equivalents
1105.58
0.00
0.00
0.00
7.88
266.16
274.04
870.77
0.00
0.00
0.00
76.18
189.98
266.16
657.22
-2270.92
-39.99
1825.90
-485.00
674.98
189.98
550.21
-2450.96
-80.63
2750.81
219.22
455.76
674.98
450.80
-3840.92
73.37
4087.03
319.48
136.15
455.63

Gems and Jewellery Industry Sectors
Introduction-:
The Gems and Jewellery sector plays a significant role in the Indian economy, contributing
around 7 per cent of the country’s GDP and 15.71 per cent to India’s total merchandise exports.
It also employs over 4.64 million workers. One of the fastest growing sectors, it is extremely
export oriented and labour intensive.
Based on its potential for growth and value addition, the Government of India has declared the
Gems and Jewellery sector as a focus area for export promotion. The Government has recently
undertaken various measures to promote investments and to upgrade technology and skills to
promote ‘Brand India’ in the international market.
India is deemed to be the hub of the global jewellery market because of its low costs and
availability of high-skilled labour. India is the world’s largest cutting and polishing centre for
diamonds, with the cutting and polishing industry being well supported by government
policies. Moreover, India exports 75 per cent of the world’s polished diamonds, as per statistics
from the Gems and Jewellery Export Promotion Council (GJEPC). India's Gems and Jewellery
sector has been contributing in a big way to the country's foreign exchange earnings (FEEs).
The Government of India has viewed the sector as a thrust area for export promotion. The
Indian government presently allows 100 per cent Foreign Direct Investment (FDI) in the sector
through the automatic route.
Market Size-:
Gold demand in India rose to 737.5 tonnes between 2017. India's gems and jewellery exports
stood at US$ 32.71 billion in FY2018. During the same period, exports of cut and polished
diamonds stood at US$ 23.73 billion, thereby contributing about 72.55 per cent of the total
gems and jewellery exports in value terms. Exports of gold coins and medallions stood at US$
1,917.09 million and silver jewellery export stood at US$ 3,385.65 million during FY2018.
The gems and jewellery market in India is home to more than 300,000 players, with the
majority being small players. Its market size is about US$ 75 billion as of 2017 and is expected
to reach US$ 100 billion by 2025. It contributes 29 per cent to the global jewellery
consumption.
India is one of the largest exporters of gems and jewellery and the industry is considered to
play a vital role in the Indian economy as it contributes a major chunk to the total foreign
reserves of the country. UAE, US, Russia, Singapore, Hong Kong, Latin America and China
are the biggest importers of Indian jewellery. The Goods and Services Tax (GST) and monsoon
will steer India’s gold demand going forward.
 The Government of India would notify a new limit for reporting about transactions in
gold and other precious metals and stones to authorities, to avoid the parking of black
money in bullion.
 The Bureau of Indian Standards (BIS) has revised the standard on gold hallmarking in
India from January 2018. The gold jewellery hallmark will now carry a BIS mark,
purity in carat and fitness as well as the unit’s identification and the jeweller’s
identification mark. The move is aimed at ensuring a quality check on gold jewellery.

 The Government of India has planned to set up a Common Facility Centre (CFC) at
Thrissur, Kerala.
 The Gems and Jewellery Export Promotion Council (GJEPC) signed a Memorandum
of Understanding (MoU) with Maharashtra Industrial Development Corporation
(MIDC) to build India’s largest jewellery park in at Ghansoli in Navi-Mumbai on a 25
acres’ land with about more than 5000 jewellery units of various sizes ranging from
500-10,000 square feet. The overall investment of Rs 13,500 crore (US$ 2.09 billion).
 UAE, US, Russia, Singapore, Hong Kong,
Latin America and China are the biggest
importers of Indian jewellery.
 Net exports of gems and jewellery from India
rose at a compound annual growth rate
(CAGR) of 7.06 per cent between FY05 and
FY17.
 The net exports rose from US$ 15.66 billion
in FY2004-05 to US$ 35.51 billion in FY
2016-17
 US, Hong Kong and UAE accounted for 75
per cent of the total gems and jewellery
exports from India during FY 2016-17.
 The exports stood at US$ 30.67 billion
between April 2017-February 2018.
 Exports of gold coins and medallions stood at
US$ 1,899.82 million and silver jewellery
export stood at US$ 3,332.95 million during
April 2017-February 2018.
Gems and JewelleryManufacture Company in India
he Joyalukkas Group, focused on the jewellery sector, has
rapidly expanded its foothold all over the globe since its
inception in 1987. The Group has grown fast since inception,
with over 10 million customers, employing a team of over
6,000 people in 10 countries.
Joyalukkas jewellery was the first jewellery retailer to be
awarded the prestigious ISO 9001:2008 and 14001:2004
certification.

Healthcare Sectors
Introduction-:
Healthcare has become one of India’s largest sectors - both in terms of revenue and
employment. Healthcare comprises hospitals, medical devices, clinical trials, outsourcing,
telemedicine, medical tourism, health insurance and medical equipment. The Indian healthcare
sector is growing at a brisk pace due to its strengthening coverage, services and increasing
expenditure by public as well private players.
Indian healthcare delivery system is categorised into two major components - public and
private. The Government, i.e. public healthcare system comprises limited secondary and
tertiary care institutions in key cities and focuses on providing basic healthcare facilities in the
form of primary healthcare centres (PHCs) in rural areas. The private sector provides majority
of secondary, tertiary and quaternary care institutions with a major concentration in metros,
tier I and tier II cities.
India's competitive advantage lies in its large pool of well-trained medical professionals. India
is also cost competitive compared to its peers in Asia and Western countries. The cost of
surgery in India is about one-tenth of that in the US or Western Europe.
Market Size-:
The healthcare market can increase three fold to Rs 8.6 trillion (US$ 133.44 billion) by 2022.
India is experiencing 22-25 per cent growth in medical tourism and the industry is expected to
double its size from present (April 2017) US$ 3 billion to US$ 6 billion by 2018. Medical
tourist arrivals in India increased to 1.07 million in January 2018 from 0.98 million in January
2017.
There is a significant scope for enhancing healthcare services considering that healthcare
spending as a percentage of Gross Domestic Product (GDP) is rising. Rural India, which
accounts for over 70 per cent of the population, is set to emerge as a potential demand source.
In 2017, the Government of India has provided grant-in-aid for setting up of AYUSH
educational institutions in States and Union Territories.
Some of the major initiatives taken by the Government of India to promote Indian healthcare
industry are as follows:
 India's first ever 'Air Dispensary', which is based in a helicopter, will be launched in the
Northeast and the Ministry of Development of Northeast Region (DONER) has already
contributed Rs 25 crore (US$ 3.82 million) for its funding.
 The Intensified Mission Indradhanush (IMI) has been launched by the Government of
India with the aim of improving coverage of immunisation in the country and reaches
every child under two years of age and all the pregnant women who have not been part
of the routine immunisation programme.
 The Union Cabinet approved setting up of National Nutrition Mission (NNM) with a
three-year budget of Rs 9,046.17 crore (US$ 1.40 billion) to monitor, supervise, fix
targets and guide the nutrition related interventions across the Ministries.
 The Government of India aims to increase the total health expenditure to 2.5 per cent
of Gross Domestic Product (GDP) by 2025 from the current 1.15 per cent.

 Mr J P Nadda, Union Minister of Health and Family Welfare, Government of India,
launched initiatives such as LaQshya, for Labour Room Quality Improvement, a mobile
application for safe delivery, and operational guidelines for obstetric high dependency
units (HDUs) and intensive care units (ICUs).
 In March 2018, the Union Cabinet of India approved the continuation of National
Health Mission with a budget of Rs 85,217 crore (US$ 13.16 billion) from 1st April
2017 to 31st March 2020.
 In April 2018, the Government of India approved to sign Memorandum of
Understanding (MoU) with the medical agencies of BRICS countries for cooperation
in the field of medical products.
 In April 2018, the Government of India apprised the signing of Memorandum of
Agreement (MOA) between India and World Health Organisation to facilitate in
improving public health in India
 In May 2018, the Government of India approved financial outlay of Rs 14,832 crores
(US$ 2.30 billion) for FY2017-18 to FY2019-20.
 In May 2018, the Government of India approved Rs 1,103 crore (US$ 170.14 million)
for setting up All India Institute of Medical Sciences (AIIMS) in Deoghar, Jharkhand.
 In June 2018, the Ministry of Health and Family Welfare signed a Memorandum of
Understanding (MoU) with the Norwegian Ministry of Foreign Affairs through the
Norway India Partnership Initiative (NIPI) from 2018-2020, the cooperation is aligned
with National Health Policy 2017.
 Healthcare has become one of India's largest
sectors both in terms of revenue and
employment.
 During 2008-22, the market is expected to
record a CAGR of 16.28 per cent.
 The total industry size is expected to touch
US$ 160 billion by 2017 and US$ 372 billion
by 2022.
 Indian companies are entering into merger and
acquisitions with domestic and foreign
companies to drive growth and gain new
markets.
 The hospital industry in India stood at Rs 4
trillion (US$ 61.79 billion) in 2017 and is
expected to increase at a Compound Annual
Growth Rate (CAGR) of 16-17 per cent to
reach Rs 8.6 trillion (US$ 132.84 billion) by
2023.

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